Stock index S&P 500 continue to move as part of the growth and formation of the head and shoulders reversal pattern. At the time of the publication of the forecast, the index is trading at 3167. At the moment, we should expect an attempt to continue the development of the correction and test the resistance level near the area of 3185. Where can we expect a rebound and the continuation of the fall of S&P 500 quotes to the area below the level of 3015.
S&P 500 Forecast and Analysis July 15, 2020
A test of the resistance line on the relative strength index (RSI) will be in favor of falling stock market quotes. The second signal will be the completion of the formation of the reversal model. Cancellation of the option of dropping the index quotes will be a strong growth and a breakdown of the 3250 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 with a target above the level of 3565. Expect an acceleration of the fall of the stock index quotes with a breakdown of the support area and closing below 3065.
S&P 500 Forecast and Analysis July 15, 2020 implies an attempt to test the resistance level near the area of 3185. Then, the continuation of the fall to the area below the level of 3015. A test of the resistance line on the relative strength index (RSI) will be in favor of reducing the S&P 500 quotes. Cancellation of the fall option will be a strong increase in the value of the index and a breakdown of the 3250 area. This will indicate a continuation of the rise with a target above the 3565 area.
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